JPMorgan sees record profit, higher revenue
October 13, 2012, 12:06 am TWN
NEW YORK -- JPMorgan Chase, the country's biggest bank by assets, reported a record quarterly profit Friday.
The bank said it made US$5.7 billion in the July-to-September period, shooting up 34 percent from the same period a year ago. Earnings were US$1.40 per share, far exceeding the US$1.21 predicted by analysts polled by FactSet.
Revenue rose 6 percent to US$25.1 billion, beating expectations of US$24.4 billion.
Earnings were helped because the bank set aside less money for bad loans. It set aside US$1.8 billion for potential loan losses, down 26 percent from US$2.4 billion a year ago.
JPMorgan stock was up 39 cents at US$42.49 in premarket trading. The stock was as low as US$31 in early June, after the bank announced a surprise trading loss that ballooned to US$6 billion.
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